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Business, 10.03.2020 00:38 deadlydazy13

Assume a company paid $800 for a computer that it plans to sell to its customers. Suppose that as a result of new technology the company could buy the same computer today for $600. Which of the following journal entries would be required to show the inventory at the lower of cost or market?

a.
Account Titles Debit Credit
Inventory 600
Cost of Goods Sold 600

b.
Account Titles Debit Credit
Cost of Goods Sold 600
Inventory 600

c.
Account Titles Debit Credit
Inventory 200
Cost of Goods Sold 200

d.
Account Titles Debit Credit
Cost of Goods Sold 200
Inventory 200

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Answers: 2

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Assume a company paid $800 for a computer that it plans to sell to its customers. Suppose that as a...
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